The competitive enforcement of property rights in medieval Japan: The role of temples and monasteries

Medieval Japanese governments only haphazardly enforced claims to scarce resources. Necessarily, this presented landholders with a void. To obtain the enforcement they needed, many turned to institutions affiliated with the fractious Buddhist faith instead. Temples and monasteries enjoyed an exemption from tax on their lands and controlled an array of financial and human resources with which they could adjudicate and enforce claims to scarce resources. To obtain access to that exemption and those resources, landholders “commended” their rights in land to them, and paid them a share of the harvest. In exchange, the temples and monasteries exempted them from tax, adjudicated disputes internal to the estate and protected their estates against external threats. Effectively, the temples and monasteries competed in a market for basic governmental services.By helping to secure basic claims to property, the temples and monasteries helped to promote investment and growth; by competing against the government itself, they helped to forestall the crippling effect of a predatory monopolistic state.     

Taxation and entrepreneurship in a welfare state

Does tax policy affect the rate of self-employment in a modern welfare state? This question is analyzed empirically based on Swedish data for the entire postwar period. Available tax data indicate that payroll taxes have had a negative influence on the unincorporated rate of self-employment, though the effect is modest. No effects from regular labor income taxation or capital gains taxation are found. The paper improves upon earlier studies in that it tries to separate the effects of different taxes and uses cointegration techniques. A further extension is that it studies a Scandinavian high-tax welfare state. Earlier time-series studies analyzing self-employment and taxation have, with few exceptions, been based on data from countries with relatively low tax levels and less comprehensive welfare systems, notably the USA and the UK.     

Macroeconomic Expectations and the Size,Value, and Momentum Factors

When examining the sources of risk associated with priced factors, the prior literature often uses macroeconomic realizations to proxy for changes in expectations. However, realizations can be biased, so instead we use changes in macroeconomic forecasts and macroeconomic news surprises. The sensitivity of common factors to macroeconomic risks is not robust, and generally economically and statistically insignificant. Sometimes the factors even hedge risk. Importantly, the weak relation between the factors and risks is not the result of low powered tests. These findings are inconsistent with the notion that the factors are priced because they proxy for the macroeconomic risks examined.     

Testing Steady‐State Restrictions of Linear Rational Expectations Models when Data are Highly Persistent*

Steady‐state restrictions are commonly imposed on highly persistent variables to achieve stationarity prior to confronting rational expectations models with data. However, the resulting steady‐state deviations are often surprisingly persistent indicating that some aspects of the underlying theory may be empirically problematic. This paper discusses how to formulate steady‐state restrictions in rational expectations models with latent forcing variables and test their validity using cointegration techniques. The approach is illustrated by testing steady‐state restrictions for alternative specifications of the New Keynesian model and shown to be able to discriminate between different assumptions on the sources of the permanent shocks.     

Opportunity or threat? Finnish hunters’ attitudes to hunting tourism

This article examines elements of the social sustainability of hunting tourism development by scrutinising Finnish hunters’ opinions on three possible scenarios related to hunting tourism: the threat of an exclusion of local hunters, the threat of rising rents of hunting land and the threat to Finnish hunting customs and practice due to increasing numbers of foreign hunting tourists. Hunters’ positions on these three issues are mapped and the determinants of their attitudes are analysed using unique national survey data on Finnish hunters and their attitudes (N= 1193). The results show a clear ambivalence to hunting tourism among hunters. While a majority of hunters tend to view hunting tourism as a threat, a large minority relate to it more positively. These attitudinal patterns can be explained only partly by socioeconomic factors, whereas factors pertaining to hunting experience and hunting profile play a somewhat more prominent role in understanding the legitimacy that hunting tourism enjoys in the eyes of hunters in Finland. Age, rural residence and participation in wildlife management are also found important for some issues. The ambiguities revealed could pose major problems for social sustainability and hunting tourism management and development.     

Trading activity,realized volatility and jumps

This paper takes a new look at the relation between volume and realized volatility. In contrast to prior studies, we decompose realized volatility into two major components: a continuously varying component and a discontinuous jump component. Our results confirm that the number of trades is the dominant factor shaping the volume–volatility relation, whatever the volatility component considered. However, we also show that the decomposition of realized volatility bears on the volume–volatility relation. Trade variables are positively related to the continuous component only. The well-documented positive volume–volatility relation does not hold for jumps.     

UML modelling concepts of HAZOP to enhance the ability to identify emerging risks

Unified Modelling Language (UML) has a graphical notation for 13 different types of diagrams and can be used as a general modelling tool. Well-known examples of diagram types are class diagrams for modelling classes that can be instanced into objects, state machine diagrams for modelling states in systems and activity diagrams for modelling process flows. A literature survey shows that UML has been used to model concepts and methodologies of risk assessment and risk management. One example is the Coras Framework. The international standard CEI IEC 61882 Hazard and operability (HAZOP) studies describes concepts for investigating and detecting possible hazards in systems. In CEI IEC 6882, guide words like ‘More’ and ‘Less’ are applied to system parameters to invoke deviations in the system and assess possible hazards due to the deviation from the design intent. In this paper, we have used UML to model concepts of CEI IEC 61882 Hazards and operability studies. Diagrams of UML were used to show dependencies and relations between parts of the target system and concepts of CEI IEC 61882. Extensions of UML are suggested to better capture and display the concepts of CEI IEC 61882, the results of a HAZOP study and emerging risk. These extensions are referred to as UML for emerging risks (UML-ER).     

Socio-technical regimes and heterogeneous capabilities: the Swedish pulp and paper industry's response to energy policies

Based on a study of policy-induced changes in the Swedish pulp and paper industry, this paper follows a process of socio-technical regime destabilisation. Results from the study show that in industries where established firms have significant power, processes of endogenous renewal are more likely to destabilise established regimes than processes based on niche solutions. Further, the study shows how policy measures aimed to destabilise the current regime may result in different responses, owing to the different capabilities of individual firms. The analysis suggests that heterogeneous capabilities within established industries provide possibilities for policy makers to initiate change.